Delhi court denies bail to Amitabh Jhunjhunwala in ₹11,000cr money laundering case
Jhunjhunwala, former vice-chairman of Reliance Capital was arrested by the Enforcement Directorate on April 15
A Delhi court recently denied bail to former Reliance executive Amitabh Jhunjhunwala in a ₹11,000 crore money laundering case, according to prosecutors. The court deemed Jhunjhunwala to be the "principal architect" of the crime and a potential threat to witnesses if released. The Enforcement Directorate (ED) arrested Jhunjhunwala and former Reliance Capital CFO Amit Bapna on April 15 this year in connection with a probe into money laundering involving companies linked to the Reliance Anil Ambani group.
The ED alleged that Jhunjhunwala, along with Amit Bapna and others, diverted funds from Reliance Home Finance Ltd. (RHFL) and Reliance Commercial Finance Ltd. (RCFL) under the pretense of corporate loans to shell companies controlled by the Reliance Anil Ambani group. Jhunjhunwala's lawyers argued that his medical condition, including heart issues, orthopedic problems, degenerative musculoskeletal conditions, hypertension, and lower back pain, necessitated bail.
However, the court noted that his medical condition was being managed adequately within the jail's medical infrastructure and that there was no evidence suggesting his continued custody would be detrimental to his health.
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